BARVIDA seeks a 50% depreciation facility on reconditioned cars import

The Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) has sought a 50 percent depreciation facility on the import of reconditioned cars.

Currently, the depreciation rate on reconditioned vehicles is 30 percent, reports BSS.

The association today made the demand at the pre-budget discussion with the National Board of Revenue (NBR) held at the NBR Bhaban in the capital's Agargaon area.

NBR Chairman Abu Hena Md Rahmatul Muneem presided over the discussion while BARVIDA President Md Habib Ullah Dawn placed proposals for the upcoming fiscal budget before NBR.

Md Habib Ullah Dawn said that the provision of providing maximum depreciation in the first year for any product is internationally accepted.

He proposed determining a zero percent tariff for one-year-old reconditioned cars while a 10 percent tariff for two-year-old cars, 20 percent for more than two years old cars, 30 percent for up to three years old, 40 percent for four years old, and 50 percent for five years old cars.

He said if the government considers the proposals, car imports will be increased which will play an effective role in meeting revenue targets.

Habib Ullah Dawn said that if the government considers the proposal of reducing supplementary duty on import of microbuses for use as public transport, it will help meet the public transport crisis.